Succession Planning

Judith D. Grimaldi named Fellow of The New York Bar Foundation

Judith D. Grimaldi named Fellow of The New York Bar Foundation

The Law firm of Grimaldi & Yeung LLP announces that Judith D. Grimaldi, Partner, has been named a Fellow of The New York Bar Foundation

Fellows are nominated by peers and recognized for distinguished achievement, dedication to the legal profession, and commitment to the organized bar and service to the public. “Being a Fellow of The New York Bar Foundation is an honor,” states Chair of the Fellows, Emily F. Franchina. “Fellows represent one percent of the New York State Bar Association membership. Being nominated and elected is a notable achievement.”

Grimaldi & Yeung is very proud of Ms. Grimaldi’s outstanding honors and achievements.

Ms. Grimaldi is also actively involved in the legal profession through:

  • National Academy of Elder Law Attorneys, as a Board member
  • New York State Bar Association – Vice Chair of Elder Law & Special Needs Section
  • New York City Bar Association – Past Chair of Legal Problems of the Aging Committee
  • Academy of Special Needs Planners – Charter member

As Foundation Ambassadors, Fellows exemplify the spirit of caring by demonstrating their belief that the practice of law is a helping profession. For more information regarding the Fellows or The New York Bar Foundation visit www.tnybf.org or visit our firm’s website at: www.gylawny.com.

Judith Grimaldi to be honored by the National Organization of Italian American Women

Judith Grimaldi to be honored by the National Organization of Italian American Women

Congratulations to firm partner Judith Grimaldi, who has been selected as one of New York’s Wise Women by The National Organization of Italian American Women. She will be honored at the Organization’s annual Epiphany Celebration. The event will be held on Tuesday January 17 at 6:30 pm at the Columbus Citizen’s Club, a historic and beautiful brownstone on the Upper East Side of Manhattan. The proceeds from the ticket sales will support fundraising efforts for undergraduate and graduate school scholarships.

To purchase tickets or learn more about The National Organization of Italian American Women, click here.

We wish you a Happy New Year and hope you will join us on January 17!

Digital Assets & Succession Rights – Welcome RUFADAA!

Digital Assets & Succession Rights – Welcome RUFADAA!

Many people activate online accounts or have digital assets (e.g. widgets, flyer miles, online accounts, bitcoins, Facebook, Twitter, LinkedIn, Snapchat, PayPal, Google Wallet, Amazon, eBay, Robinhood, online bank accounts, YouTube account that generates revenue, Google+, Yahoo, etc.).

But what happens to these assets when an individual dies or becomes incapacitated?

Until very recently, the asset was typically locked and access denied. The only way to obtain access was:

  1. Through court order (typically expensive and time consuming)
  2. By logging on as the individual (requires knowing password and arguably not legal)
  3. By being on a contact list on a legacy or inactive account (very few online entities actually have an online system of succession rights).

Last Friday (September 30, 2016), Governor Cuomo signed into law the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). Thanks to RUFADAA, an individual may now authorize their fiduciary (be it an authorized representative, power of attorney, executor, or trustee) certain rights and abilities to access that individual’s “digital asset(s).” (A “digital asset” is an electronic record in which an individual has a right or interest.)

Granting access to one’s representative can be done by either specifying who can have access upon death or incapacity (i) directly on the website (e.g. Google Inactive Manager or Facebook Legacy Account) or (ii) in estate planning documents (Will, Trust, Power of Attorney, Authorization and Consent for Release of Electronically Stored Material).

It is particularly important to have the appropriate language in estate planning documents because many websites or online companies do not have pages, which will allow an individual to insert their succession rights. Indeed, online tools are sparse. If a website or online asset does not have an online tool that allows an individual to set forth the amount of access to authorize a fiduciary, then the clauses in the individual’s estate planning documents will govern.

Most digital custodians only have terms of service agreements. Therefore, appropriate clauses in your estate planning documents to authorize your fiduciary access to your digital assets are both simple to achieve and important to have.

Consult your estate planning attorney for more details on appropriate estate planning clauses in light of RUFADAA.

Additional resources provided by the author

For more information, please contact estate planning attorney Regina Kiperman:
Phone:  917-261-4514
Email: rkiperman@gylawny.com
Or visit her at her new location:
Grimaldi & Yeung LLP
80 Maiden Lane
Suite 304
New York, NY 10038

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.